Here’s a development that will probably surprise most people: Taking Long Beach as a whole, there is slightly more than 6 months of inventory (explanation of “months of inventory”) on the market, placing Long Beach at the weak end of a buyer’s market. Looking just at the east side of Long Beach (pretty much 90808 and 90815), there is 3.8 months of inventory on the market, placing this area just .8 months of inventory away from being a seller’s market.
The forecasting firm IHS Global Insight reported last week that Los Angeles County home prices are now 6% undervalued. Orange County is 11% undervalued. Calculations are based on home prices, interest rates, area incomes, population density in given markets.
Average rates on 30-year fixed-rate mortgages rose to 5.29% this week from 4.91% a week earlier.It was the highest weekly average in nearly six months and the first time rates were above 5% since the week of March 12. Click here to see all rates as we begin the week of June 8.